“Stranger Things” ushered in a new era for Netflix
Noah Schnapp, Caleb McLaughlin, Finn Wolfhard and Gaten Matarazzo star in Season 5 of Netflix’s “Stranger Things.”
Courtesy: Netflix
The original concept for Stranger Things was rejected by more than 15 studios before it was given a spot Netflixs List of original programs.
A decade later, the show created, written and directed by Matt and Ross Duffer has become one of the biggest cultural milestones of the streaming era, cementing Netflix not just as a competitor but as a leader in the space.
“People always talk about Netflix and [say] Our big moment was when we performed “House of Cards,” and that was a big deal. “But our real moment was when we performed ‘Stranger Things,'” co-CEO Ted Sarandos said during the season five premiere of “Stranger Things” in Los Angeles last month.
“‘House of Cards’ was great. It kind of showed the world that we were going to make some really good TV shows,” he continued. “But with ‘Stranger Things,’ it was much closer to a ‘Star Wars’ moment. This is a show, characters that move the culture, that spawned live events and consumer products and spin-offs and sequels.”
The final bow
“Stranger Things” was released in 2016 and is set in the 80s. It focuses on a group of middle school students in a fictional rural Indiana town who must deal with paranormal and supernatural events after their friend disappears. Featuring a young girl with psychokinetic powers who has escaped from a secret research laboratory, an alcoholic police chief trying to find the missing boy, and a desperate mother.
Now, nearly a decade later, the fifth and final season is making its staggered debut on Netflix.
An advertisement for “Stranger Things” on one of the Netflix buildings in the Hollywood district of Los Angeles, December 2, 2025.
Mike Blake | Reuters
Volume 1, which consists of the first four episodes, was released on the Thanksgiving holiday and received 59.6 million views in its first five days, the largest premiere week for an English-language series on Netflix. It ranks third overall behind Season 2 and Season 3 of the Korean series Squid Game.
In its second week on the platform, “Volume 1” generated an additional 23.6 million views, placing it at the top of the streamer’s weekly charts. Each of the previous four seasons saw viewership increase week-over-week as fans rewatched previous episodes, Netflix reported.
Volume 2 of the fifth season of Stranger Things, which consists of three episodes, will be released on Christmas and the final episode, which has a running time of just over two hours, is scheduled for New Year’s Eve. The finale will be shown in select cinemas on New Year’s Eve and New Year’s Day.
In a break from tradition, Netflix will not be selling tickets for these screenings. Instead, more than 500 domestic cinemas will sell concession vouchers that guarantee seats for the shows. These vouchers can be used to purchase food and drinks at the venues. Additionally, theater owners retain all revenue from these purchases.
Netflix and cinema operators have clashed over release terms in the past, with the streamer not committing to keeping the films it wants in the awards in theaters for longer.
“Nothing would make us happier than having Netflix movies playing in our theaters,” AMC CEO Adam Aron said in a statement earlier this month. “We believe this could be beneficial for everyone involved. But since we need to treat our existing studio partners fairly, there is still a lot to be clarified to this end. However, there is progress.”
Turn culture on its head
“Stranger Things” ushered in a 1980s renaissance, reviving fashion trends, music and even discontinued food brands for a new generation.
When the series debuted, Netflix worked with consumer brands to make T-shirts, mugs, plushies and the like, but mostly worked with licensees. This means that other companies collected fees for designing and manufacturing the products or engaged in brand partnerships where no fees were exchanged.
In 2019, the company launched its own consumer goods division and two years later its own, officially licensed online shop.
Coinciding with the launch of the final season of “Stranger Things,” Netflix announced dozens of partnerships and collaborations with brands in merchandise, retail and hospitality.
The streamer guessed Lego, Funkosquishmallows, HasbroJazwares and Care Bears bring Stranger Things toys and collectibles to fans of the series. It includes clothing and lifestyle offerings gap, Nike, CrocsCoverGirl, Zara and Wrangler among others, as well as food and beverage collaborations with companies such as Eggo, Doritos, Kellogg, Gatorade and Starbucks.
Millie Bobby Brown as Eleven in the first season of the Netflix series Stranger Things.
Courtesy: Netflix
“We’re incredibly excited to partner with so many amazing brands and bring fans – and fellow nerds – the largest collection of products and experiences in Stranger Things history and one of our biggest campaigns to date as we celebrate the fifth and final season of this globally beloved series,” Marian Lee, Netflix’s chief marketing officer, said in a statement earlier this month.
Outside of the retail space, Netflix has delved into the live events space, bringing “Stranger Things” to life through an immersive experience that allows fans to explore Hawkins Lab and other iconic locations from the series. It is currently running in Abu Dhabi, United Arab Emirates and will open in Mexico City next month.
There is also a play called “Stranger Things: The First Shadow,” which has been running in London’s West End since 2023 and in New York since this spring.
Additionally, Netflix has a deal with Epic Games that will bring Stranger Things merchandise to the popular online video game Fortnite.
Netflix’s merchandise and live events strategy is more than just a way for the company to generate revenue outside of its streaming subscriptions. According to industry experts, it helps keep fans engaged with the content during breaks and between film sequels.
The cast of the fifth season of the Netflix series “Stranger Things”.
Courtesy: Netflix
This playbook isn’t unique to Netflix, but it shows the maturity of the streaming service. Strangers Things isn’t so much a blueprint that can be adopted by any Netflix show or movie, but rather a gold standard for what’s possible.
“[Netflix] “They had a few good shows early on (“Orange is the New Black” and “House of Cards”), but it took them a few years to come out with “Stranger Things,” Wedbush analyst Michael Pachter told CNBC via email. “They’ve since had great success with shows like ‘Squid Game’ and ‘Bridgerton,’ but it was questionable whether they could settle on a formula for developing the original IP.”
“‘Stranger Things’ has consistently remained a solid IP and garnered a lot of acclaim,” he added.
